Adani Hindenburg Saga Part 2: What Political Parties Have Said So Far

Late last night, 10-11 August, American short-seller Hindenburg claimed in a post that the SEBI chairman and her husband had unscrupulous links with the Adani group. 

This was expected to become a hot topic of debate in India since SEBI had investigated the Adani group in an earlier case where the alleged irregularities were brought to light by the Hindenburg group itself. 

Reacting to last night’s post, the Congress party leader Jairam Ramesh said that the government should ensure there is no conflict of interest in SEBI's investigation of the Adani group.

Ramesh also demanded a Joint Parliamentary Committee probe saying that: “The government must act immediately to eliminate all conflicts of interest in the SEBI investigation of Adani. The fact is that the seeming complicity of the highest officials of the land can only be resolved by setting up a JPC (joint parliamentary committee) to investigate the full scope of the Adani mega scam”. 

The official X handle of the Congress party posted the following:

“The investigation of the Adani mega-scandal was assigned to SEBI. Now, there are reports that SEBI's chief, Madhabi Buch, is also involved in the Adani mega-scandal. This means that the one investigating the scam is also involved in it. Isn't that amazing? It's clear—Narendra Modi has conspired to protect his 'close friend' under the guise of an investigation. A proper investigation of this mega-scandal can only be done by a Joint Parliamentary Committee (JPC), but the Modi government is not willing to form one. However, how long can Narendra Modi protect Adani? Sooner or later, he will be caught”. 

Responding to the charges, BJP’s Sudhanshu Trivedi questioned the Congress party’s consistent alignment with ‘foreign entities that seem intent on destabilising India's economy’.

Trivedi highlighted a pattern where foreign reports are released just before Parliament sessions, pointing to instances such as the BBC documentary and the Hindenburg report on the Adani Group.

He suggested that these events, timed with the Parliament sessions, indicate possible connections between the opposition and foreign interests aiming to create instability in India.

Trinamool Congress MP Mahua Moitra remarked that SEBI, under its current Chairperson, cannot be trusted to conduct any inquiry into the Adani Group, urging the Supreme Court to revisit its decision in light of new information.

Aam Aadmi Party leader Manish Sisodia, recently released on bail after nearly 17 months in jail, joined the criticism, questioning whether the ED and CBI would ever have the courage to investigate the latest revelations in the Hindenburg-Adani saga. 

Shiv Sena (UBT) leader Priyanka Chaturvedi also commented on the developing situation, stating that the recent developments explain why SEBI had not responded to her requests for information regarding Adani Group companies, which she had sought in April last year.